CEE: LITHUANIA-Social Democrats To Select New Ldr & PM As Frontrunner Drops Out
Finance Minister Rimantas Sadzius has been sworn in as Lithuania's acting prime minister, following the resignation of Gintautas Paluckas in late July. Politico notes Paluckas' formal resignation on 4 August came amid "A scandal involving loans, EU funds and questionable business ties linked to Paluckas and his relatives erupted in May, prompting a financial crimes investigation and an outcry in Lithuanian society."
- The remainder of the cabinet will stay in place in a caretaker capacity until a new prime minister is selected and a new governing coalition formed.
- Sadzius hails from the same centre-left Social Democratic Party (LSDP) as Paluckas, who has also resigned as party leader. The party is set to decide on its next leader, and Lithuania's next PM, at a praesidium meeting on 5 August.
- Interim LSDP leader and former economy minister Mindaugas Sinkevicius has ruled himself out of the contest. Currently serving as Mayor of Jonava District, local media reports suggest Sinkevicius garnered the most support from local party branches.
- A party spox claimed, "Vilnius District Mayor Robertas Duchnevicius, Minister of Social Security and Labour Inga Ruginiene, and Deputy Speaker of the Seimas Juozas Olekas also received a lot of support."
- The new PM will face the twin tasks of re-forming a majority governing coalition and restoring public support in the LSDP. The centre-left Democrats "For Lithuania" threatened to withdraw from gov't in opposition to Paluckas, straining gov't relations, while polling shows support for the LSDP falling to the lowest since September 2022 in a late-July survey.
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USDCAD TECHS: Trend Outlook Remains Bearish
- RES 4: 1.4111 High Apr 4
- RES 3: 1.4016 High May 12 and 13 and a key resistance
- RES 2: 1.3920 High May 21
- RES 1: 1.3674/3776 20- and 50-day EMA values
- PRICE: 1.3607 @ 16:12 BST Jul 4
- SUP 1: 1.3557 Low Jul 03
- SUP 2: 1.3540 Low Jun 16 and the bear trigger
- SUP 3: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 4: 1.3473 Low Oct 2 2024
The trend needle in USDCAD points south and this week’s move down reinforces current conditions. S/T gains between Jun 16 - 23 appear to have been corrective. Key support and the bear trigger is 1.3540, Jun 16 low. Clearance of this level would resume the downtrend and open 1.3503, a Fibonacci projection. Pivot resistance is at the 50-day EMA, at 1.3776. A clear break of this average would signal scope for a stronger recovery.
AUDUSD TECHS: Bull Cycle Remains In Play
- RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6688 High Nov 7 ‘24
- RES 2: 0.6603 High Nov 11 ‘24
- RES 1: 0.6590 High Jul 01
- PRICE: 0.6548 @ 16:05 BST Jul 04
- SUP 1: 0.6521 20-day EMA
- SUP 2: 0.6468/6373 50-day EMA / Low Jun 23 and a reversal trigger
- SUP 3: 0.6357 Low May 12
- SUP 4: 0.6275 Low Apr 14
The trend set-up in AUDUSD remains bullish and the pair is holding on to its recent gains. The latest break higher maintains the bullish price sequence of higher highs and higher lows, the definition of an uptrend. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 0.6603 next, the Nov 11 2024 high. Key short-term support has been defined at 0.6373, the Jun 23 low.
EURJPY TECHS: Northbound
- RES 4: 171.88 High Jul 19 ‘24
- RES 3: 171.28 1.382 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 2: 171.09 High Jul 23 ‘24
- RES 1: 170.61 High Jul 03
- PRICE: 170.22 @ 16:04 BST Jul 04
- SUP 1: 169.04 Low Jul 02
- SUP 2: 167.87 20-day EMA
- SUP 3: 167.13 Low Jun 20
- SUP 4: 165.66 50-day EMA
EURJPY traded higher on Thursday resulting in a print above 170.47, the 76.4% retracement of the Jul 11 - Aug 5 sell-off. A clear break of this price point would strengthen bullish conditions and signal scope for extension. This would open 170.28 next, a Fibonacci projection. The trend is overbought, a pullback would unwind this condition. Support to watch lies at 167.87, the 20-day EMA.
